Garrett Motion said Steven Tesoriere will leave its board of directors effective at the close of business on October 28, ending a tenure that began in April 2021. The announcement is a board and committee change; the company did not cite a disagreement or dispute as the reason for his departure.
Tesoriere was appointed as a director designated by funds affiliated with Oaktree Capital Management under Garrett’s investor-rights agreement. He also served on the board’s Talent Management and Compensation Committee.
Key details
- Tesoriere joined Garrett’s board in April 2021.
- He was serving on the Talent Management and Compensation Committee when he resigned.
- He previously chaired the Finance Committee and the Nominating and Governance Committee.
- Garrett Chairman Daniel Ninivaggi credited Tesoriere with contributions to the company’s financial performance, diversification initiatives and long-term shareholder value creation.
- Tesoriere is a managing director and portfolio manager at Oaktree. His departure from Garrett’s board does not indicate that he is leaving Oaktree.
What changes
Tesoriere’s departure ends his board service and his seat on the compensation committee. Garrett did not announce a successor or describe any change to its board structure.